Sec. 4. Rates under the Mineral Leasing Act
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/bill/118/hr/6530/ih/section-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 17 of the Mineral Leasing Act ( 30 U.S.C. 226 ) is amended— in subsection (b)(1)(A)— by striking not less than 16 and inserting 2/3 not less than 12.5 ; and by striking or, in the case of a lease issued during the 10-year period beginning on the date of enactment of the Act titled ; and An Act to provide for reconciliation pursuant to title II of S. Con. Res. 14 , 16 2/3 percent in amount or value of the production removed or sold from the lease by striking 16 each place it appears and inserting 2/3 percent 12.5 percent .
Section 31(e)(3) of the Mineral Leasing Act ( 30 U.S.C. 188(e)(3) ) is amended by striking 20 inserting 16 . 2/3 Section 17(b) of the Mineral Leasing Act ( 30 U.S.C. 226(b) ) is amended— in paragraph (1)(B), by striking $10 per acre during the 10-year period beginning on the date of enactment of the Act titled and inserting An Act to provide for reconciliation pursuant to title II of S. Con. Res. 14 . $2 per acre for a period of 2 years from the date of the enactment of the Federal Onshore Oil and Gas Leasing Reform Act of 1987. ; and in paragraph (2)(C), by striking $10 per acre and inserting $2 per acre .
Section 17(d) of the Mineral Leasing Act ( 30 U.S.C. 226(d) ) is amended to read as follows: All leases issued under this section, as amended by the Federal Onshore Oil and Gas Leasing Reform Act of 1987, shall be conditioned upon payment by the lessee of a rental of not less than $1.50 per acre per year for the first through fifth years of the lease and not less than $2 per acre per year for each year thereafter. A minimum royalty in lieu of rental of not less than the rental which otherwise would be required for that lease year shall be payable at the expiration of each lease year beginning on or after a discovery of oil or gas in paying quantities on the lands leased. .
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